Following the huge Hilton IPO, Blackstone is continuing its momentum by filing an initial public offering for La Quinta.
According to this post from Bloomberg, the prospectus was prepared under the Jumpstart Our Business Startups, or JOBS Act, which allows companies with less than $1 billion in revenue to keep applications confidential until shortly before they promote the offering.
Blackstone acquired La Quinta in 2006 for $3 billion, and explored a sale of the budget hotel company earlier this year. La Quinta operates more than 800 midprice, limited-service hotels with about 80,000 rooms in the U.S., Canada, and Mexico.
Hilton’s IPO was the biggest IPO for a lodging company.